VA Loan Explained - Understanding the Full Process

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Regional Loan Center Contact Information (1-877-827-3702)

Eligibility requirements for VA home loan programs

VA funding fee and loan closing costs

How to apply for a VA home loan Certificate of Eligibility

What Is a VA Loan?
A VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.

How a VA Loan Works
VA loans help active service members, veterans, and their surviving spouses become homeowners. They provide up to 100% financing on the value of a home. Eligible borrowers can use a VA loan to purchase or build a home, improve and repair a home, or refinance a mortgage.

The VA sets the qualifying standards, dictates the terms of the mortgages offered, and backs the loan, but doesn’t actually offer the financing. Instead, VA home loans are provided by private lenders, such as banks and mortgage companies.

When borrowers apply for a loan, they need to provide the lender with a certificate of eligibility from the VA. To get the certificate, you’ll have to produce service-related documentation, which can vary based on whether you are active duty or a veteran. The certificate can be obtained from the VA website. Although some of the lender’s own underwriting requirements still must be met, in most cases, VA loans are easier to qualify for than conventional loans.

VA loans, Federal Housing Administration (FHA) loans, and other loans insured by departments of the United States government have securitization through the Government National Mortgage Association (GNMA), also known as Ginnie Mae. These securities carry the guarantee of the U.S. government against default.

VA Loan Terms
The terms of VA loans are quite generous compared to other mortgages and even to other federal loan programs. Among the benefits:1

No down payment is mandated unless required by the lender, or if the residence’s purchase price is above the established property value.
There is no private mortgage insurance requirement.
Closing costs are limited and may be paid by the seller.
There is no prepayment penalty if the borrower pays off the loan early.
Assistance is available from the VA to help borrowers avoid default.
Credit score minimum requirements differ slightly from lender to lender. The VA’s only credit requirement is for the borrower to be considered a satisfactory credit risk by a lender. The benefits of a VA loan are the same no matter which lender you choose.

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#VALoan #VABenefits #BuyingAHome
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DISCLAIMER:
This video is for entertainment purposes only. I am not in any way acting as an agent or representative of the Department of Defense or United States Federal Government when presenting this information. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video.

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[JakeBroe]

Thanks for watching! Check out my entire playlist on buying a home here:

[TheSnappyNappyDugout]

Straight to the point, no joking around, no bullshit. Best I've seen so far. And I understood every single thing he said.

[GandalftheWise]

You can really tell this guy's from the Air Force. The video was well put together. If this was Army, it would be a bunch of PowerPoint slides done by some specialist who doesn't want to be there LOL

[chuyicui]

Had an application with Veterans United and Navy Federal. VU can close in a month with a 3.125% rate for credits under 700, and 2.99% above 700.
Navy Federal needs two months to close but with a 2.5%, and it's freedom lock, meaning if you see the rates go down anytime before closing, you have the freedom to change the rate from 2.5% to a lower rate, even you have locked it at 2.5%.

[selsahmwishen]

I spent days trying to get the right informatiom about VA loan, even after watching numerous videos that related to this subject, I felt that the content provided in those videos did not fully answer the questions that I had. You have exhausted the information that I needed. straight to the point and well articulated. Thank you. I couldn't deny you a like and subscription. I have really enjoyed watching and listening to this content.

[Ozkhar]

Thank you for your service, Jake. I am a realtor in NJ and just helped my friend who is a veteran, to close on his first home. It was a challenging task and I learn a thing or two. I'm watching your video in order to learn more and be a supportive veteran and active duty advocating realtor. I took a class this morning from the V.A. loan Org and received a certificate of proficiency. God bless America.

[kenn-alv]

I have seen many VA loan walk-through videos, but by far this is well explained. It takes a lot for me to comment but kudos to this guy, Marine vet here. Thank you for your damn service sir haha

[mr.matthews]

I got out of the military 2012 and I think that you have explained this the best that I have seen yet. Well done.

[cheeriomartinez]

Dude... THIS was the video I should have seen two years ago before I bought my condo. Honestly man, you did a great job! Specially when telling veterans that they aren't really VA recommended or just act friendly.

[Nick]

Thanks brother. I am in the Marines (8 years active duty) and have been looking at owning a home. This has been the most helpful video thus far!

[xphoferfurx]

Thank you so much for clear, concise, and detailed information regarding the VA loan. My husband and I are looking at our choices after leaving the military. Your video made me a little less scared and really helps solidify our choices. Great work!

[johnbryant]

this is a great video. retiring in 2 1/2 years. wife is med retired. managed to use her VA loan and didn't have to pay the VA fee. had the appraisal on our future home today. great information and it verified everything ive been told by my realtor, lender and what ive been able to research. good job.

[pjwed]

This was perfect, this was the best video I’ve watched on YouTube, may God bless you

[XxBillyGoatNinjaxX]

Saving this video for later. This is the best video on va loans. They never told us about this before I got out! Thank you

[billangell]

To start, I have a quote from a from a few Air Force guys I’ve worked with “Why not Minot” . Thanks for explaining this and the process, I’m a first time home buyer looking to use the VA loan, this is the first time I’ve ever heard it explained the way you did. Before this I thought it was some magical entity, now I know it’s the equivalent of a down payment. The rest is sound info to be reminded of. Even as a base understanding, this video is going to help a lot of service guys and vets, that’s why I’m commenting and leaving a like.

[johnanthonymartininciong]

been on so many vids about VA loan. and this is the best explanation. Thank you sir

[catcall]

From one USAF Veteran to another. Thank you for this information.

[And-vmms]

This is the best video on VA loans I have found! Thank you so much for putting the time to break it down in an easy to understand manner. 🙏🏼

[dan]

Going through it right now, currently in underwriting. It's been an amazing process, so simple, I've never bought a house before and was told it was daunting.

[MomentoMori]

Tons of well-articulated, need-to-know information. Big sentence for a Marine, thanks dude